Mr. Steven Glaser reports

POOL SAFE CLOSES FIRST TRANCHE OF $1 MILLION CONVERTIBLE DEBENTURE FINANCING

Pool Safe Inc. has closed the first tranche of its previously announced non-brokered debenture financing. The company closed on 420 debenture units for gross proceeds of $420,000.

Under the terms of the debenture financing, each debenture unit consists of: (a) one $1,000 face-value debenture; and (b) 28,500 common share bonus warrants of the company. The debentures mature 36 months from the date of the issuance and bear interest at a rate of 8 per cent per annum. Each financing warrant entitles the holder to acquire one common share of the company at an exercise price of five cents for a period of 36 months from the closing date of the debenture financing. If at any time the common shares trade at higher than 15 cents per common share (on a volume-weighted average basis) for a period of 20 consecutive trading days (the early expiry event), the company has the right to accelerate the expiry date of the financing warrants by providing the holder with written notice of an early expiry event (the early expiry notice). The period whereby the holder is entitled to exercise any portion of outstanding financing warrants shall expire 30 calendar days following the date on which the company provides early expiry notice to holders (the early expiry date). Furthermore, if a portion of the debentures are repaid during the first year following the closing date, a proportional number of the financing warrants shall have their term reduced to the later of one year from the closing date and 30 days from repayment of that portion of the debenture.

All debentures and financing warrants issued pursuant to the debenture financing are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. As part of the first tranche of the debenture financing, the company has not paid any finders' fees. The company intends to use approximately 30 per cent of the net proceeds from the debenture financing to increase its inventory and production capacity for future Loungenie builds. In addition, approximately 10 per cent of the net proceeds will be used to evolve the company's communication technology and enhance Loungenie's IoT (Internet of Things) capabilities. The remainder of the net proceeds will be applied to working capital and general corporate purposes.

In addition, due to continuing investor interest, it is extending the debenture financing for a period of 30 days until June 30, 2023. As previously announced, the company intends to raise up to $1-million through the sales of up to 1,000 debenture units at a price of $1,000 per debenture unit. The terms of the offering remain the same as disclosed in the company's news release dated April 17, 2023.

About Pool Safe Inc.

Pool Safe designs, develops and distributes a product known as the PoolSafe, recently rebranded to the Loungenie, which functions as a multipurpose personal poolside attendant. The Loungenie is designed to provide safety, convenience and peace of mind for hotels, resorts, water parks and cruise ship guests. Functions include: lockable safe, solar-powered charger for USB-compatible electronic devices, including phones, cameras and tablets, in addition to a server call button, a beverage cooler and holders. Conveniently located alongside pool or beach lounge chairs, the Loungenie is a unique way of providing vacationers with a comforting sense of security for their belongings while they enjoy their vacation.

Pool Safe is a fully reporting, publicly traded company that is listed on the TSX Venture Exchange under the symbol POOL.

We seek Safe Harbor.